Summit Financial LLC Takes Position in NOV Inc. (NYSE:NOV)

Summit Financial LLC purchased a new position in NOV Inc. (NYSE:NOV) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 59,777 shares of the oil and gas exploration company’s stock, valued at approximately $873,000.

Other large investors have also added to or reduced their stakes in the company. Signaturefd LLC boosted its stake in shares of NOV by 41.3% during the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock valued at $38,000 after purchasing an additional 756 shares in the last quarter. Verum Partners LLC boosted its position in NOV by 9.0% during the 4th quarter. Verum Partners LLC now owns 15,050 shares of the oil and gas exploration company’s stock valued at $220,000 after acquiring an additional 1,248 shares in the last quarter. UMB Bank n.a. raised its position in shares of NOV by 222.3% in the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock worth $34,000 after acquiring an additional 1,612 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of NOV by 10.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,983 shares of the oil and gas exploration company’s stock worth $271,000 after acquiring an additional 1,656 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. lifted its stake in shares of NOV by 3.5% in the 4th quarter. Canandaigua National Bank & Trust Co. now owns 59,895 shares of the oil and gas exploration company’s stock valued at $874,000 after purchasing an additional 2,040 shares during the period. Institutional investors own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NOV. Piper Sandler raised their price objective on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Barclays boosted their price objective on shares of NOV from $12.00 to $13.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 18th. Royal Bank of Canada raised shares of NOV from a “sector perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research note on Monday, March 24th. Raymond James boosted their price target on NOV from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Finally, Seaport Res Ptn cut NOV from a “strong-buy” rating to a “hold” rating in a research note on Sunday, January 5th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $19.60.

NOV Trading Down 0.5 %

NYSE:NOV opened at $15.34 on Thursday. The company has a 50 day simple moving average of $15.00 and a two-hundred day simple moving average of $15.38. The company has a market cap of $5.84 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 1.02 and a beta of 1.34. The company has a current ratio of 2.46, a quick ratio of 1.64 and a debt-to-equity ratio of 0.26. NOV Inc. has a 12 month low of $13.78 and a 12 month high of $21.20.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. Research analysts forecast that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.075 per share. The ex-dividend date was Friday, March 14th. This represents a $0.30 annualized dividend and a yield of 1.96%. NOV’s dividend payout ratio (DPR) is 18.63%.

NOV Company Profile

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.